Venmo is launching its new feature for small businesses. The PayPal-owned mobile payment application released its new feature called Venmo Business Profiles. This feature allows small sellers and other sole proprietors the possibility to have a more professional profile page on the Venmo app.
The new feature lets the seller publish information about their business such as their Email, Address, Phone number, and much more. By using this feature, sellers are able to make awareness about their enterprise through Venmo social feed. They can also keep track of their transactions and use the data for accounting purposes.
The new business profile gives small enterprises a new method to do business without having a strong web presence like Google business listing or Facebook page. For instance, Venmo’s Business Profiles may be used by sellers such as farmer’s market booth holders, artists, or crafters. This can be also used by people who use Venmo to support their hustle. Base on the user transaction setting friends or even the Venmo community can see these transactions on Venmo social feed (this is a well-known Venmo feature). People who are interested in the transaction details could then click on the seller profile and find out more about the seller.
The seller can also promote their Venmo QR code for their profile to make it much easier for buyers to locate their enterprise on the application.
The new feature will allow sellers to switch between an “Individual” and “Business” accounts. Users with a business page will be able to track their transactions without having to create a separate business Venmo account. The users will be able to swap between their personal accounts and business with the same login.
Switch from your business to your personal profile under the same login. And track business transactions separately for simple bookkeeping.Venmo
Another important feature what Venmo bring with this feature is transactional insights and data report. This report will include the number of customers and a list of clients.
The service is free through the pilot, however, Venmo makes it known that, might not always be the case. In an FAQ about the new feature, Venmo notes that in the nearest future, business owners would be charged a per-transaction fee of 1.9%+$0.10 on every single payment made on their profile. This fee is however lower than Square charges or even Venmo parent PayPal. This new feature, would not just be offering a new way for sellers to transact.
The Business Profiles feature is beginning to pilot these days with a limited amount of users on iOS. It will roll out to Android in the upcoming weeks ahead and in months ahead would become generally available.